If the city or developer did something novel to the place it might have potential. Alternatively, just trying to spruce up the mall(with say, more food places that are good) and making it into something more fitting for the community it serves(adding an educational or public component in place of any empty anchor space) might work. It's not quite as vacant as you guys might think, even if half the anchors are gone and the businesses tend to be lower end. Here's a store directory http://www.greenspointmall.com/index...lpha&Itemid=47
Here's my idea based on a mixture of different proposals floating out there. You'd either redo or bulldoze the empty anchors that are on the freeway side of the mall and pull in the parking lots. So the main trunk of the mall would seem more accessible and open, and you'd lose the dead weight. Then on the other side, by Greenspoint Drive, would be some NICE condos/townhomes flanking a good, community-oriented park that would also face a new grand entrance to the mall. This grand entrance itself would be partly outdoors and be the new expanded food court with an open air cafe type eating area.
For security, a "koban" police box, like they use in Japan, would be placed in this park within view of the whole mixed use area, and one officer from the Greenspoint Mall substation would be stationed out there.
All this would front the office district, which as people have said, is still desirable. In terms of an architectural/aesthetic sense of place, the whole little skyline there overlooking the open space and rows of new stuff would be pretty spiffy. Also, for access to the rest of Greenspoint, depending on how you pulled it off, there could be a hike/bike trail between the buildings and apartments cut out to the greens bayou path. Maybe to double as a storm water drain, a trickling water feature placed along this narrow, tree lined path(traveled by a cop on a bike occasionally...) would put some green in the name greenspoint.
These things would actually be as nice as anything in The Woodlands "town center"(sans the cheesy boats).
Also, I was thinking about something- Back in the early to mid 90's, things were a lot different. There weren't competing big box stores just everywhere, even in sprawling Houston. The only other mall, Willowbrook, and the one Target, Best Buy, etc, was up on FM 1960- the slowest, most congested suburban arterial road you will ever see. So even back then, if you lived along 45, it might have made sense to go to Greenspoint for shopping. The Woodlands mall changed all that. "Gunspoint" might have been a major blow to the place, but competition with other centers is why personally my family quit going there when I was a kid. All it really needs to do is become unique and attractive again. Eventually the bad apartments and criminal element will just move on, that's how the city is.